The United Arab Emirates is located in the Middle East bordering Saudi Arabia, Oman, the Gulf of Oman, and the Persian Gulf. It is about the size of Maine and covers an area of 83,600 sq. kilometers. UAE’s total population is about 4.7 million and is growing at a rate of 3.689% with 78% living in urban areas. The UAE capital of Abu Dhabi has a population of about 1 million with the other major city being Dubai (pop. 860,000). The people are governed by a federation of emirates and are a predominately Muslim. The primary language used is Arabic with English being a popular language for business and small minorities using Persian, Hindi, or Urdu. The local currency used is the United Arab Emirates Dirham. UAE’s economy is strongly dependent on the export of gas and oil and boasts one of the highest per Capita GDP in the world. It is a very attractive country for foreign investment because of the country?s Free Trade Zones which allow for 100% foreign ownership and zero taxes. Its main trade partners are Japan, China, South Korea, India, US, Germany, Thailand, UK, and Italy. Its primary imports are machinery and transport equipment, chemicals, and food. Exports consist of oil (45%), natural gas, dried fish, and dates. UAE’s GDP (Purchasing Power Parity) is $184.6 billion and is growing at a real rate of 7.7% with an inflation rate of 14.4%. UAE ranked 46th out of 181 countries in the World Bank Group?s Ease of Doing Business Ranking.

CURRENCY EXCHANGE RATE

05/28/09 $1 = 3.67 AED